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To: Dale Baker who wrote (32614)	2/12/2003 4:35:10 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

Ever notice how people consumed with Elliot Waves end up babbling like this? Here's my take on some E&P's. I recently stopped out on most of them. First BR, which is rubbing along the top of its channel and looks ready for a correction. I could go up some first, but I don't see much upside before a correction. stockcharts.com. DVN may be starting wave 2 of a 5 wave impulse up. However, I am not certain of that wave count. If it is a 2 wave, it should correct down some more before the big wave 3 up starts. I'll wait for clarity before re-entering DVN. The RSI and Stochastics look toppy, which adds to my concerns. stockcharts.com. EOG is also not very clear. I thought earlier that we were in a 1 wave up after the completion of the C wave down. But now I suspect it was an X wave and we are in for a period of consolidation in a fairly narrow range. The indicators are not bullish. I will have to wait on this one. stockcharts.com. Most of the other E&P's I follow have similarly cloudy charts. Maybe the earlier post tonight about the disconnect between stock prices and commodity prices is the problem, or it could just be the general state of the market period. Almost everything seems to be drifting down or sideways at best. Hard to figure.